The implementation of the Greek recovery and resilience plan is progressing smoothly, emphasizes in its annual report the European Commissionbut “increased efforts” are needed for its timely implementation.

According to its annual report Committee on the Implementation of the Recovery and Resilience Facility (RRF)by 31 August 2024, more than €267 billion had been disbursed in 25 Member States, out of a total available amount of €650 billion in grants and loans. By the end of 2024, more than €300 billion is expected to be disbursed, i.e. almost 41% of the available RRF funding.

In particular, with regard to Greece’s recovery and resilience plan, it is recalled that it is financed with up to 18.2 billion euros in grants and 17.7 billion euros in loans, within the framework of the Recovery and Resilience Facility (RRF), the period 2021-2026. Grants and loans from the RRF represent 16.3% of Greece’s GDP.

By 31 August 2024, the Commission had disbursed €17.2 billion for Greece under the RRF. Of this amount, 7.6 billion euros are grants and 9.6 billion euros are loans. Therefore, Greece still has available funds amounting to 18.7 billion euros in grants and loans. This amount can be disbursed after assessing the future fulfillment of the remaining 294 milestones and targets and before the expiry of the RRF at the end of 2026.

Greece’s recovery and resilience plan includes a chapter REPowerEU to phase out its dependence on Russian fossil fuels, diversify its energy reserves and produce more clean energy in the coming years.

To start the implementation of the REPowerEU fund, €158.7 million was disbursed to Greece, as pre-financing, in January 2024. This helped to initiate related reforms including facilitating the production of renewable hydrogen and biomethane, optimizing the use of land and marine space for the development of renewable energy sources and the promotion of energy sharing, energy communities and self-consumption.

The Greek recovery plan focuses on the green transition, devoting 38.1% of the total available funds to measures supporting climate goals and 22.1% to support the digital transition. It also maintains a strong social dimension with social protection measures, in particular to promote the labor market and upgrade skills for the employed and unemployed.

The implementation of the Greek recovery plan is progressing normally, with four Greek payment requests completed. “However, the timely completion of the national recovery plan requires increased efforts,” she says Commission. For the disbursements so far, 86 milestones and targets had been met (22% of the total of 381 milestones and targets of the Greek plan) mainly related to reforms and investments to make the electricity market suitable for a high share of renewable energy sources, to develop a modern rail network, a greener public bus fleet, as well as investments in energy efficiency, waste management, the labor market, tax policy, business, the environment, public administration and healthcare.

Greece’s most recent payment request, which the Commission assessed positively, led to the disbursement of €2.3 billion on 23 July 2024. The disbursement reflected the positive assessment of an objective, namely further progress in mobilizing private investment in areas such as green and digital transition, increasing export capacity and research, development and innovation.

The information provided in the report is based on the content of the approved recovery and resilience plans as assessed by the Commission, data reported by Member States up to April 2024 as part of their six-monthly reporting obligations, and developments in the implementation of RRF until 31 August 2024.